RBS Digital Regular Saver

colsten

Klopek said:

Klopek said:

I see some people stating that their RBS created SO was visible as soon as the regular saver appeared in their account. My account was opened on the 23rd and visible the day afterwards. I still cannot see any sign of a SO being setup.

This is actually my preference, as I have already paid into the account using an external bank account and will continue to do so. I am just slightly worried that the RBS SO will suddenly appear and attempt to transfer money when it might not be available.

The SO was invisible via Internet banking. It was only visible to me via the Android application. I still had to call up to cancel it.

The SO takes a day or so to show. You can definitely cancel it yourself in online banking once it shows. I have done so for both, my RBS and my Natwest one.

Dandytf

I'm going to continue with H2s, only 16 months left after this weeks payment.
Maybe rbs digi saver could still be available. If not I'll find other options hopefully.
Thanks.

keiran

Folks on another site claim you can deposit the full £1000 on opening, and have a SO for £1.month thereafter, and that this works

It seems against the terms to me

Anyone on here who can vouch for the  method above?

RG2015

keiran said:

Folks on another site claim you can deposit the full £1000 on opening, and have a SO for £1.month thereafter, and that this works

It seems against the terms to me

Anyone on here who can vouch for the  method above?

Frequently Asked Questions

Can I make a lump sum deposit?

Yes, but the combination of lump sum deposit and standing order cannot exceed £50 per calendar month.  After account opening you can make a deposit via Online or Mobile Banking.

https://personal.rbs.co.uk/personal/savings/digital-regular-saver.html

Let's suppose people on here vouch for the method you quote. Are you going to rely on that and attempt to deposit £1,000.00?

keiran

Well folk on the other site claim it works. But MSErs are more savvy.

Glitches, etc sometimes do work out!

colsten

According to some "other site" (with 5,200 members), Natwest/RBS are also known for blocking accounts out of the blue.

I am not saying that Natwest/RBS have blocked the accounts of people who flouted the RS rules but don't expect sympathy if you dared them and they have caught you.

Also: 3% on £1,000 is £30 after 12 months. If you put your £1,000 into a Virgin Money current account and feed your Natwest RS from it with £50 a month, you make £24. I know this is MSE, and every penny counts, but there are limits to the risks I personally would take for £6 a year. YMMV.

kaMelo

keiran said:

Folks on another site claim you can deposit the full £1000 on opening, and have a SO for £1.month thereafter, and that this works

It seems against the terms to me

Anyone on here who can vouch for the  method above?

Often RBS/NatWest do not have their systems set up to block you doing something that is a breach of the terms and conditions. What then happens a few weeks later someone, or something, spots that you've breached the terms of their account and their disciplinary committee (my made up name for whoever does this) spring into action and the punishments seem to be getting harsher lately, closing all accounts completely is not unheard of.

For the minimal extra return I personally wouldn't risk it as it's not just RBS your risking, it's NatWest too so any punishments are likely to be doubled (or maybe trebled if you have an Ulster Bank account too.)

RG2015

@kaMelo, I suspect that this would apply to several banks, not just NatWest/RBS.

colsten

RG2015 said:

@kaMelo, I suspect that this would apply to several banks, not just NatWest/RBS.

I have not heard of any other bank that takes draconian measures like Natwest/RBS do.

RG2015

colsten said:

RG2015 said:

@kaMelo, I suspect that this would apply to several banks, not just NatWest/RBS.

I have not heard of any other bank that takes draconian measures like Natwest/RBS do.

Interesting. I recall hearing accounts here and on other media sites, about all the main banks including Barclays, HSBC, Lloyds, NatWest, and RBS.